Virtual currencies have changed the way we send and accept payments online. Fifty years ago, virtual money sounded like a joke, but today we use it to pay for products and services, receive payments, and even trade on the crypto market. While some people have entirely switched to cryptocurrency payments online, others still don’t understand why we need a virtual currency when we have real money. The answer is anonymity.
Virtual Private Networks or VPNs create an encrypted tunnel for your data to go through, making it invisible to third parties and potential cybercriminals. Whenever you pay for a product or a service online using your PayPal account or credit card, you create a fully traceable trail that leads right to your doorstep. For those who wish to remain anonymous when purchasing online, cryptocurrencies are the perfect solution. For example, Bitcoin and other currencies allow you to store and use money without exposing your identity. Storing money outside the banking system through a virtual currency will allow you to remain anonymous whenever you shop online.
However, just because people are hiding their identities online, it doesn’t mean they are engaging in any illegal activities, as it is often assumed. They are protecting themselves and their personal data from potential cyber-attacks. Therefore, it is important to remain anonymous when making any transactions for the sake of your safety on the internet.
Buying Cryptocurrencies – Security Issues
Remaining anonymous while purchasing and receiving payments online sounds simple. All you have to do is buy some Bitcoin or any other cryptocurrency, and you’re good to go. Unfortunately, this is not the case. Even though cryptocurrencies keep your identity hidden while you’re using them, purchasing the currency itself will expose some of your data. Intercepting online transactions is one of the easiest ways for hackers to get their hands on some extra cash. Thus, these cybercriminals are constantly lurking, waiting for you to make a mistake so they can strike and steal your money and data.
Furthermore, as the value of Bitcoin is rapidly increasing on the market, hackers are becoming more interested in exploiting the rising trends. The number of cybersecurity threats in this field is constantly growing, too. This leaves most of us concerned about the safety of our funds online. The biggest security issue when it comes to using Bitcoin is in the process of purchasing the cryptocurrency. While Bitcoin and other virtual currencies ensure anonymity, the process of buying the currency in the first place is not so anonymous. After all, you have to use real money, that is, your real credit card and bank information to purchase cryptocurrency online. This can easily leave you exposed to thousands of hackers waiting for their chance to attack.
How To Stay Safe When Buying Bitcoin
There are a couple of ways to stay anonymous while purchasing cryptocurrency. The safest method that will keep you off the radar is buying Bitcoin from a trusted vendor in person. If you pay for the cryptocurrency in cash, there is no way hackers can identify you online. However, this is not the most convenient solution, especially if you’re not familiar with the market and reliable vendors in your area. Luckily, there is another solution to this issue. Using a VPN service for Android, iOS or desktop devices will keep your information safe while purchasing any cryptocurrency.
Virtual Private Networks or VPNs create an encrypted tunnel for your data to go through, making it invisible to third parties and potential cybercriminals. A VPN can also provide extra security if you decide to use a virtual wallet for purchasing and storing Bitcoin. This wallet will be linked to sensitive information such as your name, address, and credit card data. However, by using a VPN every time you log into the virtual wallet and make a transaction, your information will remain hidden and secured. Furthermore, a VPN brings along numerous other benefits, such as securing your data when using public WiFi and the ability to virtually place yourself in another location to by-pass geographic restrictions on contents and sites.
The Bottom Line
Before leaving, make sure to remember that Bitcoin allows anonymity only after you purchase it. Buying the cryptocurrency itself will leave your personal and banking information at risk. While using Bitcoin is a great way to gain freedom online, it is also a risky move, as you will have to use real money to purchase the virtual currency. However, as long as you use a VPN while making the initial transactions, your money and personal data will remain safe and hidden from potential hackers’ eyes.